Paradise deal expired
The owner of company that operates three casinos in Macau will buy the Hotel Lan Kwai Fong in the MSAR.
According to Macau Business, Chan Meng Kam owns Casino Taipa Square, which operates under a Melco Resorts and Entertainment license, as well as Casino Golden Dragon and Casino Royal Dragon, which operate under an SJM license.
The purchase price is HK$2 billion (US$248.71 million), according to a filing with the Hong Kong Stock Exchange. The agreement gives Chan Meng Kam the three controlling companies—Charming Era, Exceptional Gain, and Most Famous—as well as their subsidiaries.
The agreement was made 10 days after the expiration of a four-month exclusivity period between China Star Entertainment and Hong Kong-listed gaming company Paradise Entertainment Ltd. That company had planned to buy the hotel for around HK$2.38 billion.
The 209-room hotel also includes restaurants, a flower shop, retail shop and a spa plus gaming areas on three floors that are operated by SJM. The main areas include 84 gaming tables for VIP and mass gaming and 65 slot machines, reported Macau Business.
